A check at their website reveals that they are not governed by any regulatory body. That is a VERY BIG RED FLAG!! That should be enough to convince you not to deal with them. They also collaborate with websites that provide “Automated trading software” which is another red flag because these websites are renowned for scamming schemes.
Therefore Terra Markets is just another unlicensed fx brokerage, which means clients are not protected and it is quite likely that they will get away with your money in the long run with no governing body to hold them accountable.
How does it function?
Unregulated forex brokers typically operate in the following manner. They will phone clients to urge them to make the initial minimum deposit, using any and all means possible to do so. They will propose deals that seem too good to be true, such as “we will quadruple your first money” or “you will easily make $100 every day.” Please do not believe anything they say!!! It is a FRAUD! After making the initial deposit, consumers are passed to a more sophisticated scammer known as a “retention agent,” who will attempt to extract more money from you.
Withdrawal of monies.
Because your assets are never safe with an unlicensed broker, you should submit a withdrawal request as soon as possible. And this is when things become complicated.
If you try to withdraw your money, regardless of whether you have earnings or not, they will postpone the procedure for months. If they postpone it for six months, you will be unable to submit a chargeback and your money would be lost forever. You will NOT get your money back, no matter how many times you remind them or insist on withdrawing it. And if you signed the Managed Account Agreement, or MAA, which basically gives them permission to do whatever they want with your account, This essentially authorizes them to do whatever they want with your account; but, they will lose all of your funds, so there will be nothing to request.
How can you reclaim your money from Terra-Markets Scam?
If you have already placed money with them and they refuse to return it, which is extremely likely, don’t panic, there may be a way or two to get your money back.
To begin, preserve the emails as proof that you have requested the money back from them but they have not given it to you or have delayed the procedure for too long with the goal of not refunding your money.
The first step should be to perform a chargeback. And you must do it immediately! Inform your bank or credit card provider and summarize how you were tricked into depositing money with an unregulated trading organization, and they refuse to refund your money. This is the simplest way to get your money back, but it is also the most damaging to them. Because a large number of chargebacks will break their relationship with payment service providers. We can assist you in preparing your chargeback case if you’ve never done so before or if you are unsure where to begin or how to present your claim to your bank or credit card company. Kindly click on “Report A Scam” to get started with your chargeback.
Make sure to leave Terra Markets reviews on other Platforms.
Another approach to punish them while preventing others from becoming victims is to submit negative reviews on other websites and detail what happened briefly. If you have been a victim, please submit a review in the comment box below. Also, when these folks change their website, they tend to call past clients, so if they contact you from a new website. Please leave a comment or contact us. That would be much appreciated by us and will also prevent other people worldwide from being a victim of this scam. Also, if you receive calls from other investment or brokerage companies, please include their names in the comment section or email it to us, we will also expose them.
I was scammed by Terra Market for £15k and by another company who I paid to recover my bitcoin to a wallet which is now deemed “ dirty bitcoin ”, stay away from all of them